New York Life Investment Management LLC Sells 8,367 Shares of 3M (NYSE:MMM)

New York Life Investment Management LLC lessened its position in shares of 3M (NYSE:MMM) by 10.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,174 shares of the conglomerate’s stock after selling 8,367 shares during the period. New York Life Investment Management LLC’s holdings in 3M were worth $9,446,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Apriem Advisors bought a new position in shares of 3M in the 4th quarter worth about $3,250,000. Allegiance Financial Group Advisory Services LLC acquired a new stake in 3M during the fourth quarter worth approximately $278,000. NewEdge Wealth LLC increased its holdings in 3M by 6.6% in the fourth quarter. NewEdge Wealth LLC now owns 240,525 shares of the conglomerate’s stock worth $31,049,000 after purchasing an additional 14,809 shares in the last quarter. National Pension Service lifted its stake in 3M by 20.0% in the fourth quarter. National Pension Service now owns 1,521,626 shares of the conglomerate’s stock valued at $196,427,000 after buying an additional 253,623 shares during the period. Finally, DMKC Advisory Services LLC bought a new position in shares of 3M during the 4th quarter worth approximately $3,594,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM opened at $150.48 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market cap of $81.70 billion, a PE ratio of 19.93, a price-to-earnings-growth ratio of 3.30 and a beta of 0.96. The stock’s fifty day simple moving average is $142.21 and its two-hundred day simple moving average is $135.20. 3M has a 1-year low of $75.40 and a 1-year high of $155.00.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same period last year, the firm earned $2.42 earnings per share. The firm’s revenue was down 25.0% on a year-over-year basis. As a group, analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be issued a $0.73 dividend. The ex-dividend date is Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. 3M’s dividend payout ratio is currently 38.68%.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MMM. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Bank of America boosted their target price on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. increased their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $148.87.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.